HomeMy WebLinkAbout0137 1_ender's written agreement or applicable law. Borrower shall pay the amount of all mortgage insurance premiums in the
manner provided under paragraph 2 hereof.
Any amounts disbursed by Lender pursuant to this paragraph 7, with intcrect thereon, shall become additional
indehtednrsc of Borrower secured by this Mortgage. l.'nlesc Borrower and Lender agree to other terntc of payment, cuch
amounts shall he payable ulx~n notice from Lrnder to Borrowrr rryuesting payment thereof, and shall hear interest from the
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of
interest at such rate would be contran• to applicable law, in which event such amounts shall hear interest at the highest rate
permissible under applicable law. Nothing contained in thin paragraph 7 shall require i.ender to incur any expense or take
any action hereunder.
8. Inspection. Lender may make or cause to he made rraconahle entries upon and incpectionc of the Property, provided
that lender shall give Borrower notice prior to any cuch inspection specifying reasonable cause therefor related to Lender's
intcrect in the Property.
9. Condemnation. The proceeds of any award or claim for damages. direct or concequrntial, in connection with any
condemnation or other taking of the Property, or part thereof. or for conveyance in lieu of condemnation, arc hereby assigned
and shall t?c paid to Lender.
In the event of a Total taking of the Property. the prucerds shall be applied M the sums secured M• this Mortgage.
with the excea, if any. paid to Born.wer. In the event of a partial taking of the Property, unless Borrower and 1_ender
otherwise agree in writing. there shall hr applied to the sums ucured by this Mortgage cuch proportion of the proceeds
as is equal to that proportion which the amount of the sums secured h}• this Mortgage immediately prior to the date of
taking hears to the fair market value of the Propert}• immrdiatel}• prior to the date of taking, with the h~lance of the proceeds
paid to Borrower.
if tie Property is abandoned by Borrower. or if. after notice by Lender to Borrower that the condemnor offers to make
an award or settle a claim for damages. Bornwer fails to reslx~nd to Lender within ZO da}•s after the date such notice is
mai!rd. I_c^.der is autho+tzrd to collect and apply the proceeds. at I.ender'c option. either to rectoratiun or repair of the
Proper}' a• the sums secured by this Mortgage. ,
Unless Louder and Borrower otherwise agree in s+riting. am• such application of proceeds to principal shall not extend
or pcxtpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or change the amount of
such installments.
10. Borrower Not Released. Extension of the time far pa}•ment or modification of amortization of the sums secured
by this Mortgage granted by Lender to any wcceccur in interest of Borrower shall not operate to release, in any manner.
the liability of the original Borrower and Borrowrr'. succescorc in intcrect. i.ender shall nM he required to commence
pmcrrdingc against u+ch successor or refuse to extend time for payment or otherwise modify amortization of the sums
secured he this Mortgage b}• reason of any demand made hs the orieina) Burros+•er and Borrower's successor in interest.
11. Forbearance by Lender Not a Waiver. Am~ forF•carancr hs• Lender in exercising am• right or remedy hereunder, or
otherwise afforded by applicable law' shall not br a waiver of or preclude the exercise of an}• such right or remedy.
Thr procurement of insurance or the payment of taxes or other liens or charges by Lender shall not hr a waiver of Lender's
right to accelerate the maturity of the indebtedness soured M• this Mortgage.
12. Remedies Cumulative. All remedies pros~idrd in this :mortgage arc distinct and cumulative to an}• other right or
remedy under this Mortgage or afforded by law or cyuit}•, and ma}~ Fx exercised a.ncurrentl}•. independently or suc_raivrl}•.
13. Successors and Assigns Bound: Joint and Several Liabilit}•; ('aptions. The rns•rnants and agreements herein
contained shall hind. and the rights hereunder shall inure to. the respectis•r successors and assigns. of l.endrr :rod Borrower,
subject to the pm+•isions of paragraph 17 hereof. All rox•enants and aerrcments of Rorrow•er shall he joint and ces•eral.
The caption, and headin¢s of the paragraphs of this Mortgage are for coneeniencr onfv and are not to be used to
interpret or define the provisions hereof.
14. Notice. Except for any notice required under applicahlr law to he given in another manner, fat any notice to
Borrower provided for in this '.mortgage shall Fx given M• mailing such notice he certified mail addressed to Borrowrr at
the Property Address or at such other address as Borrower may designate by notice to Lender as pns•ided herein. and
(hl ans notice to Lender shall Ix given M certified mail, return receipt requested. tc. 1 order's address stated herein or to
such other address as Lender ma}' designate M' notice to Borrower as pr,n•idrd herein. Are notice provided for in this
Mortgage shall F?e deemed to has~c been gis•rn to Borrower or Lrnder when gn•en in the manner designated herein.
15. Uniform Mortgage: Governing f.aw: Severabilih. This form of mortgage combines uniform covenants for national use
and non-uniform covenants with limited variations by jurisdiction to constitute a uniform security instrument covering real property.The -
state and local laws applicable to this Mortgage shall be the laws of the jurisdiction in which the Property is located. The foregoing
sentence shall not limit the applicability of federal law to this mortgage. In the event that any provision or clause of this Mortgage or the
Note conflicts with applicable law, such conflict shall not affect other provisions of this Mortgage or the Note which can be given effect
without the conflicting provision, and to this end the provisions of the Mortgage and the Note are declared to be severable.
16. Borrower's Cop}•. Borrowrr shall hr furnished conformed cop}' of the Note and of this Mortgage at the time
i of execution or after recordation hereof.
17. Transfer of the Property: Assumption. If all or ans part of the Propert}• or an intrrest therein is sold or transferred
hs Borrower without Lender's Prior w"fltll•D consent. escludin}; t:+t the creation of a lien or encumbrance subordinate to
this Mort Rage. Ih1 the creation of a purrhasr mclnr}• srcurils intereu f~~r household appliancrc, (c1 a transfer M• devise.
descent or hs• oprralion.of law upon the death of a taint tenant or (~Ic the grant of am• Iracehold interest of three }'cars or less
not containing an option to purchase. Lender ma+. at Lender's ophon. declare all Thr sums crcured h}' this ~1ortgage to be
immediately due and pa}•ahie. i ender shaft has•e waived such apron +o acceicr.+lr if. prior to the .ate or tr~~~cfer. fender
and the person to whom ihr Pmprrt}• is to he cold or t"ransferred reach agreement in writing that the credit of such prison
is saticfacton• to Lender and that the interest pa}~ahlr on the sums secured hs• this Mortgage shall he at such rate as I.cnder
shall request. If I ender has waived the option to accekratr provided m this paragraph 17, and if Borrower's successor in
mterest has executed a written assumption agreement accepted in writing M• Lender. Lender shall release Borrower from all
obligations under this Mortgage and the NcVc.
~ If Lender exercises such option to. accelrratr. fender shall mail Borrower notice of acceleration in arrnrdance with
paragraph id hereof. Such Holier shall pruv~dr a period of not Irss than 3Q da)s from the date the notice is mailed within
which Borrower mac pa}- the sums drel:+rrd dux. If Bi,rn.wer fails to pax' sc:~h sines prior to the expiration r.f such periexl.
z l.e...'e. mat :a!Z:%L•t f:Srtl:e. nat:ce .Irma.^.d n.. f}nrr,,y_•r• ~n~~t~L•_ Inc r••m•_dt~_c tzN_•rrlltrtt~ti ht• ha_ ragranh 1R ltrreof_
Now-UNIFORM COVFwANTS. Borrower and Lrnder further covenant and agree as foliows~
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18. Acceleration; Remedies. Except ac provided in paragraph 17 hereof, upon Borrower's breach of anv covenant or
agreement of Borrower in this'.NortRage, including the covenants to pay when due any sums secured by this Mortgage. Lender
prior to acceleration shall mail notice to Borrower ac provided in paragraph 14 hereof specifying: (1) the breach; (2) the aMion
required to cure such breach; (3) a date. not less than 30 days from the date the notice is mailed to Borrower. by which such
breach must be cured; and (4) Thai failure to cure cuch breach on or before the daft specified in the notice may result in
acceleration of the sums secured h}• this 1lortgage, foreclosure b}• judicial proceeding and sale of the Property. The notice
shall further inform Borrower of the right to reinstate after acceleration and, the right to assert) in the foreclosure proceeding
the non-existence of a default or anv other defence of Borrower to acceleration and foreclosure. If the breach is not cured on
or before the date specified in the notice, Lender at Lender's option may declare all of the sums secured by this Mortgage to be
immediately due and payable without further demand and may foreclose this Mortgage by judicial proceeding. Lender shall
be entitled to collect in such proceeding all expenses of foreclosure. including, but not limited to. reasonable attorney's fees.
1 and costs of documentary evidence. abstracts and title reports.
19. Borrowers Right to Reinstate. tiotwithstanding Lrnder'. accrlrahon of the wmc secured by thcs Mortgage.
Harrower shall hasr the right to have am proceedmLS hrrun h+ I ender to enforce this Mortgage discontinued at an}• time
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